Shell PLC

SHELL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Shell Continues to Head in the Right Direction

Allen Good

Apr 13, 2026

Business Strategy and Outlook

Shell CEO Wael Sawan continues to send the right message—that returns will take priority over growth—as he seeks to close the valuation gap with US peers. While it might not be enough, we believe the key actions accompanying the message, including reduced spending and increased distributions, are positive and crucial steps.

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Shell Continues to Head in the Right Direction

Business Strategy and Outlook

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